Upsized deal is brokered by Casimir Capital; funds go for exploration
By Devika Patel
Knoxville, Tenn., Nov. 19 - DeeThree Exploration Ltd. said it completed the first tranche of a private placement of stock and increased its size. The deal is being conducted through a syndicate of agents led by Casimir Capital Ltd. and will now raise C$16.57 million. It priced for C$15 million on Oct. 28.
The company is selling flow-through common shares at C$4.55 per share. It sold 3,213,522 shares in the initial tranche for C$14.62 million. The price per share is an 18.18% discount to the Oct. 27 closing share price of C$3.85.
Settlement of the second tranche is expected Nov. 25.
Proceeds will be used for exploration.
DeeThree, based in Calgary, Alta., is a capital pool company.
| Issuer: | DeeThree Exploration Ltd.
|
| Issue: | Flow-through common stock
|
| Amount: | C$16,565,103
|
| Price: | C$4.55
|
| Warrants: | No
|
| Agent: | Casimir Capital Ltd. (lead)
|
| Pricing date: | Oct. 28
|
| Settlement date: | Nov. 19 (for C$14,621,525), Nov. 25
|
| Stock symbol: | Toronto: DTX
|
| Stock price: | C$3.85 at close Oct. 27
|
| Market capitalization: | C$111.38 million
|
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